Under the terms of the transaction, Outdoor Channel shareholders will receive only $8.00 in cash or one share of stock in InterMedia, a privately held company, for each share of Outdoor Channel stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Outdoor Channel for not acting in the Company's shareholders' best interests in connection with the sale process to Parthenon. The transaction may undervalue the Company and will not result in a substantial gain and may even cause a loss for many Outdoor Channel shareholders. For example Outdoor Channel stock traded at $8.45 on February 10, 2011 and $7.85 as recently as March 23, 2012. In addition, an analyst has placed a $9.00 per share price target on Outdoor Channel stock.

If you own shares of Outdoor Channel stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com visiting http://brodsky-smith.com/508-outd-outdoor-channel-holdings-inc.html, by calling toll free 877-LEGAL-90.

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